Accounts payable software supplier AvidXchange is reportedly eyeing a private fundraise which could see the business valued at $2bn.
The company is hoping to raise a minimum of $300m from its investors, according to a report from Reuters which cites people familiar with the matter. This funding round is being advised by Financial Technology Partners.
AvidXchange secured a $300m investment in 2017 which valued the business at $1.4bn.
US-based AvidXchange provides mid-market businesses with a tool to automate invoice and payment processes. Serving the banking, healthcare, real estate, and construction industries, the FinTech with procurement, invoice, payment and supplier management tools.
Founded in 2000, the platform helps banks control cash flow, securely pay suppliers and increase visibility into invoice approvals.
Unicorns are becoming a familiar sight in the FinTech world. Fellow payment processing company Stripe recently upped its valuation to an eye-watering $35bn. Coinciding with this, the FinTech closed its Series F round on $250m to support the acceleration of its growth, scaling of its product line and extended its enterprise capabilities.
A significant number of FinTechs have joined the unicorn club this year including, payment and fraud prevention solution Riskified, payment processor EBANX and cybersecurity business Acronis.
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